This replication proceeds in two parts.

First, we strictly replicate the study of interest: Haglin, Jordan, Merrill, and Ura (2021). We use their dataset and their program: Stata. This process also generates the predicted values and residuals from their model from 2019-2024 (Figure 1). The files required are
- HJMU-original.dta
- HJMU-RP-2025.do

This process also creates HJMU-RP-2025.dta.


Second, we analyze the changing nature of the Seemingly Unrelated Regression coefficients over time. This is far easier in R. The files required are
- HJMU-RP-2025.R
- HJMU-RP-2025.dta